OFG BANCORP

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

In January 2024, OFG’s Board of Directors approved a new $50.0 million stock repurchase program. The new stock repurchase program, which is open-ended, replaces the prior stock repurchase program approved by the Board of Directors in January 2022, which had $17.2 million remaining of its $100.0 million repurchase parameters. Any shares of common stock repurchased are held by OFG as treasury shares. OFG records treasury stock purchases under the cost method

whereby the entire cost of the acquired stock is recorded as treasury stock. During the quarter ended September 30, 2024, OFG repurchased 2,600 shares for a total of $104 thousand at an average price of $40.02 per share.

The table below sets forth the information with respect to purchases of our common stock made by or on behalf of OFG during the quarter ended September 30, 2024, excluding the months of July and September during which no shares were repurchased as part of the stock repurchase program:

The estimated remaining number of shares that may be purchased under the current $50 million stock buyback program is estimated at 570,223 and was calculated by dividing the remaining balance of $25.6 million by $44.92 (closing price of OFG common stock at September 30, 2024). OFG did not repurchase any shares of its common stock during the quarter ended September 30, 2024 other than through its publicly announced stock repurchase program.